保险业在金融危机中的角色:资产证券化视角  

The Role of Insurer in Financial Crisis:From the Perspective of Asset Securitization

作　　者：阎建军[1] 关凌 

机构地区：[1]中国社会科学院金融研究所 [2]中国保监会

出　　处：《金融评论》2011年第4期73-83,125,共11页Chinese Review of Financial Studies

摘　　要：本轮金融危机与次贷产品链条及其机理缺陷直接相关。本文对资产证券化中的两种保险机制在金融危机中扮演的角色做了探讨。研究发现:按揭保险业发挥了逆周期的稳定器功能,减缓了系统性风险对住房金融体系冲击。债券保险业较深介入次贷债券及其衍生品的供需链条之中,是导致本轮金融危机中系统性风险爆发的一环。在对二者不同的风险特征做了比较分析之后,结合中国实际,提出完善中国保险业业务结构的若干建议。Financial crisis during 2007～2009 related directly to subprime loan products chain and its defects.This paper discussed the role of insurance institutions in the financial crisis.It finds that Mortgage Insurer played countercyclical stabilizer role and eased off the impact of system risk on housing finance system.Bond insurer stepped deeply in the supply and demand chain of subprime bonds and derivatives and was a link leading to system risk explosive of this financial crisis.The paper makes a comparison of risk features of the two insurers and proposes some suggestions on improving business structure of Chinese insurance industry.

关 键 词：按揭保险 债券保险 金融危机 资产证券化 

分 类 号：F841[经济管理—保险] F831.5F842